Leeds Fans Utd claims it is in a stronger position to get a representative on the club's board than it was before owner Massimo Cellino reneged on plans to sell his controlling stake to the supporters' group.

Cellino, 59, announced his intentions to sell his 75 per cent majority shareholding to LFU without profit after the recent home defeat by Blackburn, but later refused to commit to an exclusivity agreement and accused LFU of telling 'fairytales'.

LFU insisted it could source the necessary funds from up to 12 'high net-worth' fans via interest free loans and if Cellino had signed an exclusivity period a takeover deal could have been completed within three months.

Controversial Leeds owner Massimo Cellino reneged on his promise to sell his controlling stake to supporters

'Until we had absolute certainty that the deal was going ahead, we cannot raise capital and cannot risk wasting shareholder's funds,' LFU chief executive Dylan Thwaites said in a statement.

'Therefore, having called any bluff by producing a viable plan, we needed to smoke out any insincerity as soon as possible.

'This is why we so heavily pressed for exclusivity. I have got no doubt that we would most likely have completed a deal if Massimo had signed exclusivity.

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'On Wednesday he withdraw the offer, but in that short time our detailed announcement had had a seismic effect.

'Uniformly the reaction of the high net worth and business community was positive - they recognised this as a professional and convincing plan.

'This has resulted in dozens of newly opened doors across potential investors, buyers and within the football community, authorities and media.'

Cellino, who 'can't take anymore' as he fights a second Football League ban for another tax evasion offence in Italy and under considerable pressure from fans to sell, is currently searching for an alternative buyer.

Thwaites said LFU's preferred route now was to buy a minority stake in the club but it would bid to do so 'with renewed authority and a wider selection of possible partners'.

He added: 'We are in substantially better position now than 10 days ago. We have proved we can play at minority or majority level.

'Massimo is now out in the open and engaged in selling the club.

'Potential buyers have seen the appetite for fan ownership at Leeds, with the effect that 'bad buyers' have been scared away or at least been forced to alter their plans, while 'good buyers' have been encouraged to push on.'